• Withdrawals would be unavailable during bank holidays and will only be open from 9:30AM to 5PM on other days.

The official Bitbns App is now available:

Trading Mechanism

Summary

Bitbns uses 'limit trading', which is buying or selling Bitcoin at the price you specify, or better.

Buying mechanism: If you buy bitcoin at higher than market prices, you can 'collect' bitcoin from multiple sellers whose rates are lower than yours.

Selling mechanism: If you sell bitcoin at lower than market prices, you can 'distribute' bitcoins to multiple buyers whose rates are higher than yours.

If buy and sell prices match, a trade happens, and that price is the new market price.

We let you buy and sell cryptocurrencies. The trade happens by a particular mechanism, which we shall explore below.

Limit Trading

Bitbns currently offers only limit order trading. Limit order trading is the buying or selling of a specific cryptocurrency at a specified price.

Open Orders

You can only trade when the relevant asset is available in your wallet. i.e., when you have Bitcoin in your Crypto Wallet, or Rupees in your INR wallet

When you place a buy or sell order at a specific rate, the order can be seen and tracked under the 'open orders' section in the dashboard

The order can remain open until it is fully executed. You can cancel open orders any time before it is fully filled.

Any asset present in an open order will not be available for withdrawal until the order is cancelled. (Asset denotes Bitcoins for a sell order, and Rupees for a buy order.)

Order fulfillment is up to the market. The orders will be fulfilled based on the demand or supply of Bitcoin.

We don't have any restrictions on the open orders

Buy and Sell Orders

Buy OrdersAny user who is willing to buy a specific cryptocurrency, the order is placed under buy order book. Buy order takes away the liquidity from the market. We recommend you buy when the BTC price is less, or if you think the price will rise in the future.

Sell Orders Any user who is willing to sell a specific cryptocurrency, the order is placed under sell order book. Sell order takes away the liquidity from the market. We recommend you sell when the BTC price is more, or if you think the price will drop in the future.

How are the Orders Executed?

Your order may be fulfilled by a single or multiple matching orders, based on the price. Here's how it works:

Let's consider three price points:

B =

buy price

T =

last trade price

S =

sell price

This leads to three scenarios:

Case 1: Buy Price > Sell Price

If you buy Bitcoin at a price (B) higher than the Sell Price, you can to buy Bitcoins from multiple Sellers whose rates (S) are lower than yours.

Conclusion: Trade happens at S. Exchange price moves to S. Here the initiator is the Buyer

Then you will be able to sell 1 BTC to all the above buy orders at the respective price.

1 BTC = (0.3×4,91,000) + (0.7×4,90,300) = ₹4,90,510

Case 3: Sell Price = Last Trade Price = Buy Price

When both buyer and seller are willing to trade at same price, order will be executed.

Conclusion: Trade happens at either of those, both being equal.

Stop Loss

Minimising the loss is very important when you are trading currencies. So Bitbns has added a feature to avoid big losses. A user can place a stop-limit during the buy order or also after the coin is in the wallet.

A user can specify the target at which he/she wants to exit with a minimum loss when the cryptocurrency is falling. We have also added buffer with a target stop-limit.

For example: If a user buys 1 BTC at 10,00,000 and sets a stop-limit at 9,90,000, then we will set a buffer of about 9,90,100. So if at any point of time the price falls between 9,90,000 to 9,90,100, the trade will be executed.

Is the stop loss guaranteed?Stop loss will be executed based on demand and supply, i.e., If you hold 10 BTC and if your set stop loss is triggered at the price you specified, then during that time, provided only 5BTC are in demand, people who have set the stop loss first will get the benefit.

Platform Fee:

Bitbns charges a fee on each order. Fee will be shown before placing an order with a confirmation message.